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Investor Presentation - September 2011

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Investor Presentation September 2011

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Disclaimer• This notice may contain estimates for future events. These estimates merely reflect the expectations of the Company’s management, and involve risks and uncertainties. The Company is not responsible for investment operations or decisions taken based on information contained in this communication. These estimates are subject to changes without prior notice.• This material has been prepared by Multiplus S.A. (“Multiplus“ or the “Company”) includes certain forward-looking statements that are based principally on Multiplus’ current expectations and on projections of future events and financial trends that currently affect or might affect Multiplus’ business, and are not guarantees of future performance. They are based on management’s expectations that involve a number of business risks and uncertainties, any of each could cause actual financial condition and results of operations to differ materially from those set out in Multiplus’ forward-looking statements. Multiplus undertakes no obligation to publicly update or revise any forward looking statements.• This material is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Likewise it does not give and should not be treated as giving investment advice. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. 2

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Multiplus is a loyalty network Members can gather all points Powerful support for partners to from several programs in one acquire and retain clients single account over 8.5 mln positive network effect generating strong growth more than 160 members partnerships +19.5% YoY 18.5 bln +28.8% YoY points sold in 2Q11 +51.4% YoY Exclusive and Strategic Relationship with TAM Multiplus 15 years tenor Operational Agreement (extended for additional 2009: spin-off from TAM’s loyalty program five-year periods ) 2010: beginning of operations as separated Air tickets: high value perception with the most appealing product business unit and IPO to the public TAM SA holds 73,2% stake Most Desired Airline in Brazil (Ibope Research) and Star Alliance 3

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Appendix III:Exclusive and Strategic Relationship with TAM Operational Agreement Assures the Most Appealing Products to the Members = Air Tickets Airlines ● Leading airline in the Brazilian market and largest airline in Latin America ● Only Brazilian company with long haul flights ● Most Desired Airline in Brazil – Ibope Research ● High penetration in South American flights ● There is no restriction to redeem points in domestic and within South America flights ● Access to Star Alliance benefits ● 15 years tenor Operational Agreement (automatically extended for additional five-year periods ) Detachment from cost and perceived value with the most appealing product to the public 7

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Multiplus is a loyalty network A loyalty network connecting consumers and companies The first airline loyalty program in Brazil More than 1,000 destinations worldwideover 8.5 mln more than 160 members partnerships +19.5% YoY positive network effect +28.8% YoY • Sca Powerful support for partners to acquire and retain clients • Low Members can gather all points from several • Rec programs in one single account +28.8% YoY • Ma *based o 8

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Multiplus is a loyalty network A loyalty network connecting consumers and companies The first airline loyalty program in Brazil More than 1,000 destinations worldwideover 8.5 mln more than 160 members partnerships +19.5% YoY positive network effect +28.8% YoY • Sca Powerful support for partners to acquire and retain clients • Low Members can gather all points from several • Rec programs in one single account +28.8% YoY • Ma *based o 9

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Flexible Business Model CORE BUSINESS Accrual Redemption Coalition Outsourcing CRM Partners Partners Partners Partners Partners buy Multiplus buys Two-way flow: Multiplus Multiplus points from points, products exchange of manages the leverages theMultiplus to award or services from points, products loyalty program of database from its its customers partners to deliver and services (buy the partner network and (Ex. banks, parking to its members and sell) between (systems and offers CRM and stores) (Ex. donation and Multiplus and operations) services tickets) coalition partners (Ex. air travel, e-commerce and gas station) 10

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Business Model Gross Billings of points Multiplus sells points … Costs of rewards TAM Air Tickets Retail, Industry and Services …and buys rewards Others Banks Current Current 26% Sources of Profit 98% Spread 3% Margin between point price and cost of rewards 2% 71% Breakage Points expiring without being redeemed Long Term Target Interest income on the float Long Term Target Gap between sales and redemptions of points Cross-selling of services Outsourcing and CRM 15 to 20% 15 to 20% Note: based on 2Q11 13

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Appendix I:Typical Accrual and Redemption FlowsAccrual flow: cash in due to sales of points to partners PARTNER WITH STANDALONE PROGRAM POINTS A earns accumulates Partner’s converts to Points Program MEMBER buys Products and PARTNER WITH NO STANDALONE PROGRAM (consumer) Services B earnsRedemption flow: cash out due to purchase of points, products and services from partners and suppliers COALITION AND REDEMPTION PARTNERS POINTS C converts to accumulates Partner’s earns Points Products Program and MEMBER redeems Services D earns (consumer) MULTIPLUS WEBISITE Products and E earns Services 19